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I have a MacBook Pro that I got about 8 months ago. Since a few days ago, it has been really slow. Pretty much every time I open a new application it bounces for about a minute before finally opening, and then I get the rainbow spin wheel for another 30 seconds before it finally works.
I think it has been ever since I installed Adobe Creative Suite, but I think that's just a coincidence. I've tried what a bunch of websites have told me including cleaning my cache and repairing permissions, but it doesn't seem to have done anything. I don't think I use a lot of memory, here's what activity monitor says.

I took someones advice and downloaded SMART Utility and ran it. Here's what it says.

The SMART Utility FAQ's says if it reads "FAILING" as it does, I have to replace my HD. Do you think I really do? I've only had this MacBook Pro for about 8 months. Is it really failing?

Did you purchase it new or used? If you got it from eBay or Craigs List, I'd guess it's a failing HDD since you mentioned you already repaired permissions.
But did you try repairing disk permissions using the install CD? Insert the disc, restart, hold down alt/option, select the cd, choose Disk Utility from the Utilities menu at the top.
See if that makes any difference.
You might have a bad HDD. If it's only 8 months old brand new, return it to Apple for replacement.

64GB iPhone 6, 64GB iPad Air 2.

Reminder: Please include your Mac's specs. This will make it much easier for the other members to assist you.

Did you purchase it new or used? If you got it from eBay or Craigs List, I'd guess it's a failing HDD since you mentioned you already repaired permissions.
But did you try repairing disk permissions using the install CD? Insert the disc, restart, hold down alt/option, select the cd, choose Disk Utility from the Utilities menu at the top.
See if that makes any difference.
You might have a bad HDD. If it's only 8 months old brand new, return it to Apple for replacement.

I bought it new. Is the install CD in the box it came with? Is there any other way I can do that? (I think I stupidly left that box at home 100 miles away). I suppose I could have it sent to me.

But if that doesn't work, and I need to have it replaced, will I lose all my data/programs? Do I need some sort of external HD in order to save my data?

Yes, it's the CD that came with your Mac in the box. You will need it if you want to do the more in-depth disk permission repair.

If you have it replaced, you'll need to backup to an external HDD first. Easy to do. Just about any brand is fine. When you get the external, open up Disk Utility and format it to OSX Extended (Journaled) in order for it to work with the Time Machine app. Run Time Machine to save all your stuff. If you get the internal drive replaced, plug in your external and open Time Machine and restore from your last backup.

64GB iPhone 6, 64GB iPad Air 2.

Reminder: Please include your Mac's specs. This will make it much easier for the other members to assist you.

Yes, it's the CD that came with your Mac in the box. You will need it if you want to do the more in-depth disk permission repair.

If you have it replaced, you'll need to backup to an external HDD first. Easy to do. Just about any brand is fine. When you get the external, open up Disk Utility and format it to OSX Extended (Journaled) in order for it to work with the Time Machine app. Run Time Machine to save all your stuff. If you get the internal drive replaced, plug in your external and open Time Machine and restore from your last backup.

Thanks for the help. Do you think my Hard Drive will just suddenly stop working at any random time soon?

It would be safe to go ahead and back everything up. To be perfectly honest, a completely "healthy" hard drive could fail right now, or years from now. So if you're worried about problems especially, you should go ahead and act as if it would be dead tomorrow, just to be safe

It all depends on how important your data is to you--but, if I was in a similar situation I would immediately (as soon as reasonably possible) pick up an external HDD and back up your MBP. External drives are routinely available for under $100, a small price to pay for irreplaceable pictures (or the research paper you have been working on for over a week).

I've always wanted to be smart, handsome and modest. But, I guess I'll have to be satisfied with two out of three . . .

Thanks for the help guys. I just went out and got a terrabyte external hard drive, and I'm backing up on Time Machine right now. This will save everything including the Adobe Creative Suite I just bought, right?

And as far as my hard drive, what should I do now? Would I have to wait for it to die or whatever in order to get it replaced under the warranty? Or could I just go now? Will the warranty cover this? Thanks again for the help.

Thanks for the help guys. I just went out and got a terrabyte external hard drive, and I'm backing up on Time Machine right now. This will save everything including the Adobe Creative Suite I just bought, right?

And as far as my hard drive, what should I do now? Would I have to wait for it to die or whatever in order to get it replaced under the warranty? Or could I just go now? Will the warranty cover this? Thanks again for the help.

Warranty covers as long as you didn't tamper with the original HDD. Just bring it in and them to do whatever they need to do.